Herman Jin(@ShanghaoJin):Buyback is a liquidity op, not a duration mgt It buys off the runs to cap the pace of the long end move, NOT to control level 6bn is merely 10% of the 250m/bp of new LT issuance this Q. Term premium will keep pricing supply Only FED, not Treasury, can manage duration

Herman Jin

@ShanghaoJin

Ex-Goldman Asia FICC. I think in public so my friends don't have to read my texts — your account, your problem.

参加 April 2017

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Herman Jin@ShanghaoJin

2026.09.09 19:50

Buyback is a liquidity op, not a duration mgt It buys off the runs to cap the pace of the long end move, NOT to control level 6bn is merely 10% of the 250m/bp of new LT issuance this Q. Term premium will keep pricing supply Only FED, not Treasury, can manage duration